It could be helpful to have a real estate attorney look over these agreements for added security. 

As the title says, I am new to real estate.

Also, if you are an agent with experience in the Loreto real estate market, pls DM me.

To get accurate information on renting by the room, check with a local investor-friendly real estate agent.

I house-hacked several properties when I got started in real estate investing.

That's the category of lender you want to avoid falling into.This is a roundabout way of saying if you can show real value to your borrowers by understanding their business you will attract the best quality borrowers with the best collateral and can charge a premium for your services because they are the borrowers who understand what's most important in a lending relationship and its not solely the rate or origination fees.

It doesn't appear you are in position to purchase real estate at this time. 

You are trying to enter ACTIVE real estate investing where YOU play a SIGNIFICANT role.

However, you should ensure that the contract language allows for such changes without requiring a full contract re-signing.Consulting with an attorney familiar with Florida real estate and property management law is advisable to ensure compliance and avoid any potential legal issues when making these adjustments.Let me know if you need help with any other aspects of this process!

You can also tap into local real estate meetups or REI clubs to find contractors specializing in cosmetic rehabs, such as kitchen and bathroom updates.